Struck slams Deutsche Bank CEO over bank bailout suggestion

Struck slams Deutsche Bank CEO over bank bailout suggestion
Photo: DPA
Peter Struck, the head of the Social Democratic Party’s parliamentary group, on Thursday slammed Deutsche Bank CEO Josef Ackermann for demanding Germany set up a government bailout plan for troubled banks.

“As long as the banks were on course for making profits, Mr. Ackermann was the one screaming loudest that the state shouldn’t get involved,” Struck told news agency DPA.

He said that attitude made it particularly irksome that the head of Germany’s leading bank is “now the first to call for massive aid from taxpayer funds” to help prop up failing financial institutions.

“I have to admit I find this type of opportunism somewhat contemptuous,” Struck said. Ackermann on Wednesday called on Europe’s politicians to follow Washington’s example by putting together a financial safety net for banks.

“If the United States has a rescue plan, Europe should be ready to offer similar solutions” in the event of an emergency, Ackermann said according to Dow Jones Newswires.